A Downturn In International Property Sales Hits Singapore

A number of developers and overseas propertybuyers have pulled out of Singapore owing to the implementation of new regulations introduced by the government.

Overseas property professional has reported that international sales have fall down by 78 per cent in the first quarter of this year.

The remarkable downturn in homes sales sold to overseas buyers has ignited panic amongst Singapore property developers, as worries of a double whammy across Singapore’s international develop.

The decline in purchased property goes after the government’s decision, in late 2011, to raise stamp duty in order to stop the market pursuing the trend of the boom and bust cycle.

In the first quarter of this year, there were about 293 transactions as compared with 1,358 in the last quarter of the preceding year. This based on a report by the Straits Times.

By en large, new private home sales in Singapore continue high on record.

Developers in Singapore are apprehensive of new legislation levied weighted upon consumer’s protection and is effective as of May 18, 2012. The legislation sanctions that they must give correct information, show proof of their track record and seek out home-buyer consent for any unit changes.

Additional directive that developers are mandated to divulge to prospective home owners include a drawn-to-scale location and site project plan, unit floor plan and a breakdown of a unit’s floor area. Developers must reveal information on at least one finished project prior to the issuance of the Option-to-Purchase form.

Urban Redevelopment Authority (URA), who spearheaded the change in legislation, said that amendments to Housing Developers Rules (HDR) will “enhance transparency in the real estate industry and enable home-buyers to make better informed decisions when buying a home.”

The president of The Real Estate Developers Association of Singapore (REDAS) said “URA has worked closely with members of the real estate industry and other key stakeholders in reviewing the changes to the HDR.”

Domestic resident sales have also dropped in Singapore where transactions by permanent residents and Singaporean citizens fell by 7.5 per cent and 12 per cent respectively.

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